Inflation or Deflation?

Seems as though the question for investors is always will there be inflation or deflation as a result of various government policy moves?  From the grave Milton Freidman weighs in here on the subject.  He was what they call a monetarist which I believe means he considered the amount of money available in the system determined whether we experienced price stability and ultimately inflation or deflation.  This article is not a bad primer on the Freidman theory of money supply and its effect on the economy.